Data exchange ties together different systems, enabling them to communicate with each the other. This process allows for a variety of business uses, and aids in the development of effective collaboration between teams and customers.
All sizes of businesses and in all industries can benefit from best practices to ensure seamless exchange of data. This allows them to reduce the time the benefits of document management workflows spent on data acquisition, monetize their data assets to improve decision-making processes, boost innovation, and allow interoperability. However there are some challenges to be aware including data inconsistencies, lack of transparency and trust, interoperability issues and data integration and the need for a standardized data Governance framework.
Data exchange can be a method for a variety of organizations to generate new revenue streams, thus increasing their profits and enhancing their operations. AccuWeather, for example earns revenue by placing its repositories containing historical and predictive weather data on platforms for data exchange. This enables them to reach a broad range of data users, from industries like agriculture to event planners.
To control and optimize data exchange, it’s important to analyze current processes and create a data management strategy for the entire company. This must include a thorough understanding of the benefits data exchange can provide, the requirements and expectations of stakeholders, as well as the capabilities of existing data sources. It should also include an integrator strategy that is flexible enough to meet future needs and opportunities and can adapt to technology changes. In the ideal scenario, this would incorporate an architecture that decouples databases and applications, in support of the design of enterprise data integration systems that favor web services and brokered messaging methods.